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    Hi Fran!

    Posted by Pamela Email on March 28, 2007, 4:41 pm, in reply to "Hey Pam:) My take on the for sale signs.."
    71.109.255.217

    It's mindbogglingly how my original
    post, about the observation of homes,
    have turned into a loan signing ordeal.

    I thought the message was clear.
    I do not know how anyone can mistake
    the thread, and comment to me
    about "whining. . .being personally
    involved. . .and do your job"?

    How in the world did anybody come to that
    conclusion?

    Goes to show you, that, when "certain"
    *people have animosity toward someone
    else, they read what they want to (or how
    they want to) into a thread.

    Very irritating. That's one of the
    reason's why I curtailed the posting,
    on that other notary forum.

    *[I don't want to mention their name,
    because it's like the "Bloody-Mary"
    story, say the name three times (in this
    case once) and they will appear!]

    Anyway, glad you replied!

    As always you are right on target.
    I couldn't agree with you more about
    your very knowledgeable insight into
    this maddening situation.

    The community in question is composed of
    mainly blue-collar, working-class,
    immigrant families. Very nice homes. Yet,
    at one time, priced much too high for the
    type and size of the properties and for
    the area.

    Because of this (and other reasons), I
    suspect that many of these homeowners had
    Sub-Prime lenders.

    Checking the MLS, these properties have
    (and are)fallen drastically in price
    since 2005. Some of the blocks, looks
    like a "red- tag" clearance sale for
    homes.

    In one of the other nearby communities,
    composed of mostly white-collar
    professionals, I haven't seen this,
    "open" selling rush, as least for now.

    "Anyone, a signing agent or otherwise,
    should be concerned about the borrower
    understanding the ramifications of the
    loan terms."

    As HUMAN BEINGS we should all
    lookout for our neighbors. However, the
    reality is that, many people are in this
    business only for themselves.

    From what I gather, many of these
    notaries made hundred-of-thousands of
    dollars during the refinance and Sub-
    Prime loan "Boom-period". That the sky
    just literally opened-up with signing
    jobs.

    From reading the various forums, there
    appeared not to be not much forethought
    as to when this "holiday" period would
    end. That there is a type of disbelief,
    that the sky has closed.

    Also, when new signing agents (such as
    myself) enter the field, some of these
    long-time notaries get an attitude. . .
    That they have worked long and hard
    building their businesses and
    therefore "do not want to share" their
    loan signing "secrets".

    But what they fail to leave-out(or
    perhaps they just don't know any better,
    do not care, or never thought about it),
    is that much of their businesses, during
    this period, was built upon the backs of
    other working individuals (via the
    various "Creative Financing" loan
    programs.)

    And now that many of these very same
    borrowers, may be in jeopardy of losing
    their homes, these particular notaries
    could care less. The lack of empathy and
    understanding is very disturbing.

    Yes, all parties in these type of
    transactions are responsible (in one
    degree or another).

    Fran, as I've said before, you're one
    smart lady!


    Pam



    --Previous Message--
    : Scary! All the "For Sale"
    : signs you speak about...but also..the
    : responder's to your post I am
    : constantly amazed at how short-sighted
    : and ignorant people can be. Anyone, a
    : signing agent or otherwise, should be
    : concerned about the borrower
    : understanding the ramifications of the
    : loan terms.
    :
    : WHEN THE BORROWER'S ACROSS THE NATION
    : AGREE TO UNSTABLE LOANS IT AFFECTS OUR
    : ECONOMY THERBY AFFECTING ALL OF US.
    : Geez!! That is basic economics. But
    : leave it to the ignorant to plod on
    : through life, singing the whole way,
    : "It's not my problem!".
    :
    : Bottom line...all of the experts
    : predict we are "in for" a
    : recession. And it's thanks to all of
    : the wonderful lenders, appraisers,
    : brokers, agents, borrowers and yes,
    : signing agents, that made the faulty
    : loans happen. ALL of us share in the
    : responsibility.
    :
    : It's simple math. You cannot safely
    : loan 200k on something that is
    : actually only worth 150k. It's called
    : the "Risk Factor". The
    : industry overall left no
    : "cushion" for a downward
    : turn in property values. Here in
    : Florida, this also happened in the
    : 80's and many folks were left with
    : mortgages that were higher than their
    : actual property values.
    :
    : BUT THIS TIME, it's much more serious
    : because it's happened nationwide.
    : People have stopped buying houses.
    : Their worried about the war. Their
    : worried about the election. Their
    : worried about global warming.
    : Inflation is increasing faster than
    : their paycheck.
    :
    : The lending industry took what worked
    : here and went across the country
    : handing out loan terms that were
    : risky. Now we will ALL pay the price.
    :
    : As for the ARM at 11%, or whatever the
    : hell Miss Becca B said...I hate to say
    : this...truly I do! But, in a sense she
    : is right.. it was lost in her usual
    : "bulldog" delivery.
    :
    : In some scenario's a borrower may
    : need/want those terms. If he is deep
    : in debt but know's his income will
    : double over the next several years.
    : Young doctors do this alot. Also,
    : interest only loans.
    :
    : The theory is that whatever the
    : closing cost are for re-financing
    : again in 3-4 years far outway the
    : interest differential over a 30 year
    : note when your sure you can get a
    : better interest rate down the road.
    : But, these terms are not for the
    : blue-collar worker, someone who's
    : income will not drastically increase
    : soon.
    :
    : But, some lenders didn't care. The
    : middle income borrower overspent. The
    : broker came along and offered a
    : friendly solution. The subprime lender
    : gladly accepted the loan app at face
    : value, then tweaked the property value
    : and handed the borrower paper for 125%
    : value with a payment amount he could
    : never make three years from now.
    :
    : Now, we will all suffer because in
    : reality they were playing with paper
    : money. This is the real world. They
    : drove THEMSELVES out of business. Now,
    : the "real banks" will come
    : along and clean-up the mess...making
    : tons more money along the way. You
    : gotta' love banks...they win..even
    : when they loose.
    :
    : --Previous Message--
    : I was in a particular city today
    : (one of my service areas), and it
    : was astonishing to see so VERY
    : many "For Sale" signs. On
    : one street
    : alone I counted approximately twelve
    : homes!
    :
    : I was in that area about ten days
    : ago.
    : Although there were the usual
    : "For Sale"
    : signs sprinkled about, it was nothing
    : like I saw today.
    :
    : On just about every block, there were
    : three or more signs. What makes this
    : particularly interesting, is that
    : many of
    : these properties were also marked
    : "just
    : reduced" or "priced for
    : quick sale".
    :
    : I know this area very well and
    : remember
    : a few years ago, when it was a
    : seller's
    : delight! During that time, many of
    : these
    : homes, (in my opinion) though very
    : nice,
    : were price Much too high.
    :
    : Now it seems as though these home
    : can't
    : even be given away!
    :
    : Though I do not have proof (without
    : actually researching the county
    : recorder's office), I suspect many of
    : these homeowners are victims of the
    : Sub-prime lending and/or
    : "creative
    : financing" fallout.
    :
    : I wonder how many of these Sub-Prime
    : Lenders and Mortgage Brokers are
    : having
    : to face the same situation? Probably
    : zero
    : (if that much).
    :
    : [And yes, I know that many of these
    : lenders etc. . .are
    : "closing-shop", but
    : I am very sure, that THEIR
    : residential
    : properties (for which they are
    : actually
    : living) are not facing foreclosure.]
    :
    : It is really a disheartening time for
    : many.
    :
    :
    : Pam
    :
    :
    :
    :
    :
    :
    :
    :
    :

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